Skandia International has announced net sales of £0.3 billion for the first six months of 2011.
With global markets remaining broadly flat over the period, this positive net client cash flow meant funds under management as at 30 June 2011 stood at £17 billion.
IFRS adjusted operating profit increased by 56% to £42 million for the first half of 2011 (up from £27 million in H1 2010).
Skandia International reports of a marked move away from sales trends in regular premium business towards single premium portfolio bonds.
Europe (excluding UK) was the biggest selling region for the company over the period, followed by the UK and Middle East.
Sales continue to grow significantly in Hong Kong and Singapore, and Skandia International believes there is more development to come there.
Latin America and South Africa also remain significant markets and an ongoing focus for the company.
Michelle Andrews, Commercial Director, comments, “We have seen increasing demand for our Royal Skandia and Skandia Life Ireland offshore bonds as investors seek to take advantage of their inbuilt flexibility.
The recent addition of a simple-to-use investment portfolio builder tool has seen registrations to our Adviser Extranet increase by 20% in May and June and this has had the desired effect on sales which remain strong across all regions.
It is particularly pleasing to see sales in Singapore, our newest market, make a strong and much improved contribution in H1.”
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